Mgmt Meeting Recap: Backdrop Remains Constructive

研报英文原文证据摘录

Mgmt Meeting Recap: Backdrop Remains Constructive

s. 1.0%0.5%0.0%

Dec-11 Jun-12 Dec-12 Jun-13 Dec-13 Jun-14 Dec-14 Jun-15 Dec-15 Jun-16 Dec-16 Jun-17 Dec-17 Jun-18 Dec-18 Jun-19 Dec-19 Jun-20 Dec-20 Jun-21 Dec-21 Jun-22 Dec-22 Jun-23 Dec-23 Jun-24 Dec-24 Jun-25 Dec-25

Structural Tailwinds for Growth - Despite lower capital requirements at most large financial Marex Stonex RJ O'Brien Stonex + RJ O'Brien ADM Investor Services Interactive Brokers

institutions, scaled non-bank broker dealers like SNEX continue to gain mkt share. Since 2000 the .Source: CFTC, Jefferies

number of futures commission merchants (FCMs) has decreased from close to 200 to under 70. In

addition, during that same time period, the number of FINRA-regulated broker dealers has shrunk

from over 5,500 to under 3,250. During this time SNEX has been a consolidator through its inorganic

strategy as well as grown its existing client and product footprint. More recently the share shifts

amongst the largest banks has mainly come from the shrinking of non-US firms (i.e. SocGen, ABN,

etc.) while US banks are still key counterparties with a focus on firms that come with other financial

ties (i.e. lending, advisory, etc.).

Integration On Track - The R.J. O’Brien acquisition (closed 7/31/25) expanded SNEX’s listed

derivatives platform, adding approximately $6.4B of client equity and increasing total client

balances to roughly $15.2B, up +91% y/y. Integration has been executed in phases, with the non-US

businesses migrated first and the US FCM consolidation completed in May 2026. RJO generated

approx. $35M of adj pre-tax income in F2Q26, or roughly $63.5M YTD, while supporting listed

derivatives revenue of around $152M, including about $54M of interest and fee income tied to

client balances.